Morristown, Indiana Property Taxes
The median property tax rate in Morristown, IN is 0.89%, slightly below the national median of 0.99% and the Indiana state median of 0.99%. With the median home value in Morristown at $162,800, the typical annual property tax bill reaches $1,488, which is lower than the national median of $2,690. Property taxes in Morristown are calculated based on the tax assessed value, which often falls below the market value due to various exemptions like the primary residence and agricultural exemptions. Understanding Morristown's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Morristown or another part of Shelby County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Morristown, Indiana Property Tax Bill Calculator
$100,000
$2,500,000
$5,000,000
Average Tax Rate
0.99%
Estimate Property Tax Bill
$1,980
Ownwell’s Morristown Property Tax Bill Calculator is an essential tool for homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Morristown using just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Morristown to provide an accurate estimate of your property tax bill. This valuable tool helps you understand potential tax liabilities and plan accordingly. For those interested in more granular data, you can explore neighborhood-level trends further down the page. Your property's assessed value, determined by the county, forms the basis for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Morristown, Indiana
Property taxes in Morristown, Indiana, are essential for funding critical local services, including public schools, road maintenance, and emergency services. The median tax rate in Morristown is 0.89%, which is lower than the U.S. national median of 0.99%. Local government entities within Morristown set these rates annually, and they can vary significantly across different neighborhoods. Each year, Morristown estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Morristown's effective property tax rate to other areas in Indiana and the national median. For comparison, the zip code with the highest median property tax rate in Morristown is 46161, with a rate of 0.89%, while the lowest is also in the zip code 46161, maintaining the same rate of 0.89%. Understanding how these figures compare with Morristown provides valuable insights into the varying tax landscape across Shelby County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Morristown Tax Rate
0.89%
Average Shelby County Tax Rate
0.85%
Average Indiana Tax Rate
0.99%
Average United States Tax Rate
0.99%
Property Tax Rates Across Morristown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | 0.55% | 0.74% | 0.89% | 1.41% | 1.76% |
Source: Ownwell
Property Tax Assessment Values Across Morristown, Indiana
In Morristown, Indiana, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Shelby County Assessor's Office for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Morristown, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Morristown helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The median home price in Morristown is $162,800, with the highest median tax bill at $1,488 in the 46161 zip code, which also has the lowest median tax bill at $1,488.
Average Morristown Assessed Value
$162,800
Average Shelby County Assessed Value
$152,000
Average Indiana Assessed Value
$170,700
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Morristown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | $54,600 | $104,950 | $162,800 | $218,200 | $308,010 |
Source: Ownwell
Property Tax Bills Across Morristown, Indiana
Property tax bills in Morristown, located in Shelby County, IN, are calculated based on the assessed value of a property and the local tax rate. The assessed value is determined by the county assessor and reflects the market value of the home. For example, with a median home price of $162,800, homeowners can expect their property tax bill to vary widely depending on specific factors such as property size, location, and any applicable exemptions. In Morristown, the tax bill for the 25th percentile is $858, while those in the 75th percentile can expect to pay around $2,254. At the 90th percentile, the tax bill reaches up to $3,253. These figures illustrate the range of property tax burdens homeowners might face. Comparatively, the national median property tax rate is 0.99%, making Morristown's rates relatively moderate. Understanding these factors is crucial for homeowners as property taxes can significantly impact annual housing costs. Keeping abreast of local assessments and potential exemptions can help mitigate these expenses.
Average Morristown Tax Bill
$1,488
Average Shelby County Tax Bill
$1,312
Average Indiana Tax Bill
$1,691
Average United States Tax Bill
$2,690
Property Tax Bills Across Morristown, Indiana
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 46161 | $409 | $858 | $1,488 | $2,254 | $3,253 |
Source: Ownwell